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22-10-2020, 04:02 PM
#17101
Must've been a bot losing its bottle...
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22-10-2020, 06:14 PM
#17102
It must be time to be adding more to the stockpile .. huh
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23-10-2020, 05:15 PM
#17103
No spud announcement today but has to be next week.
Beach announced their quarterly results today and confirmed Ironbark still on track to begin drilling at the end of October (next week).
Results to be announced in the March 2021 Quarter.
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24-10-2020, 01:44 AM
#17104
Originally Posted by mistaTea
No spud announcement today but has to be next week.
Beach announced their quarterly results today and confirmed Ironbark still on track to begin drilling at the end of October (next week).
Results to be announced in the March 2021 Quarter.
yeh they also said
a targeted measured depth of ~5500metres.
and because NZO hasnt had the best of luck with drills and we need to pump ourselves up a bit - this is from that Beach report.
Beach participated in 17 wells where drilling operations were completed – all 17 in the Cooper Basin – at asuccess rate of 94%
For clarity, nothing I say is advice....
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24-10-2020, 03:13 PM
#17105
Drilling, now thats a bit boring??
Lets hope it augers well.
Maybe too deep for some?
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24-10-2020, 05:27 PM
#17106
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29-10-2020, 10:39 AM
#17107
This Spuds taking a while to sprout
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29-10-2020, 10:47 AM
#17108
I'll be getting Agria if they take much longer
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30-10-2020, 10:34 AM
#17109
Originally Posted by mistaTea
Just talks about how there is a push to get more independent directors on the board. A noble enough intention, but will ultimately get nowhere.
Also discusses how Mr Dunphy and Ms Sharif are standing for election. They have zero chance of getting on The Board.
Though the SoA was a fiasco - personally I have put that all behind me now. Would I prefer for Dr Archer to no longer be on The Board? Sure. Does her still being on The Board cause me sleepless nights? No.
All I care about right now is Ironbark.
OGOG will use their blocking vote to maintain the status quo. Any notion that protest votes by minority shareholders are going to somehow shame OGOG into doing 'the right thing' is fanciful imo and more a distraction than anything else. With a little luck, after this AGM, there will be no more 'noise' from Mr Dunphy and co. That is probably fanciful thinking on my part though!
There are also advantages in having OGOG run the show - they do have expertise in the industry and are well connected. Adding brand new people to The Board who have little to no real knowledge of the O&G industry is not something I would personally want.
Ultimately the system we have works - there are protections for minority shareholders. They offered to buy our equity... I, and a more than sufficient number of others said "no thanks". Yes there were things we did not like about the approach (i.e. the fanciful 5% probability of Ironbark success...) but the deal did not go ahead, and to be fair to OGOG they left it at that.
...and now I want to participate in the Ironbark drill (of the century!) with all of my business partners without feeling like I need to find new opportunities to try to rub their noses in it.
Just my personal view point for what little it is probably worth.
But hey, we are probably only about 5 or 6 weeks from The Drill! WHOO HOOO!!
Sorry for the very long response time. Appreciated your comments here. Are you not a little bit concerned by the approximately $8m pa "administration" costs that NZO are running through when they are pretty much a holding company?
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30-10-2020, 11:20 AM
#17110
Originally Posted by blackcap
Sorry for the very long response time. Appreciated your comments here. Are you not a little bit concerned by the approximately $8m pa "administration" costs that NZO are running through when they are pretty much a holding company?
Hey BC. See the activities report? Looks like next week is the BIG ANNOUNCEMENT
With regards to your comments...it's not that I am not concerned at all or oblivious to what is going on. I absolutely agree that Management either need to jump around a lot more to justify the high Admin expense, or slash costs to reflect our business size.
Paying our CEO $750K seems outrageous, as one example, given not a Hell of a lot has been happening. When you consider that Martin Stewart from Sky only gets about double that - and his business still generates over $1M per week in Owner Earnings it is crazy that our CEO gets paid so much.
They have been slow to deploy the available funds (~NZ$50M) for investing, and Christ only knows what is taking so long.
The point I was making is that, given where we are with Ironbark, these issues are 'small fries' relative to the opportunity we face right now - and that is why I am reasonably Zen about things carrying on as they are for the next 3 months while we drill and appraise Ironbark. OGOG are running the show, and they are comfortable with the current Admin spend - and unfortunately that is both the long and short of it.
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